In a surprising move, Yousif Capital Management LLC recently disclosed a reduction in its holdings of Progress Software Co. (NASDAQ:PRGS) by 10.4% during the first quarter of this year. The disclosure was made with the Securities and Exchange Commission (SEC), revealing that Yousif Capital now owns 25,264 shares of the software maker’s stock, after selling 2,940 shares during the period. With a worth of $1,451,000 at the end of the most recent quarter, Yousif Capital Management LLC maintains ownership of approximately 0.06% of Progress Software.
Progress Software (NASDAQ:PRGS) released its quarterly earnings results on June 29th. The software company reported impressive numbers with $1.06 earnings per share (EPS) for the quarter, surpassing analysts’ consensus estimates of $0.90 by a significant margin of $0.16. The quarter saw revenue totaling $179.23 million compared to analyst estimates of $169.78 million – a strong performance by Progress Software.
Moreover, Progress Software exhibited substantial growth with its quarterly revenue increasing by 18.8% when compared to the same period last year. This growth is truly commendable in an ever-evolving industry like software development and technology.
A closer look at Progress Software’s financial health reveals an impressive return on equity (ROE) of 40.44% and a net margin of 12.49%. These figures paint a positive picture for investors considering allocating their resources towards this industry.
Moving forward, sell-side analysts expect that Progress Software will continue to shine in the current fiscal year, projecting an EPS of 3.48 for the company’s shareholders to savor.
Market analysts have also provided their insights on PRGS shares through reports issued after evaluating various aspects related to Progress Software.
Oppenheimer analysts increased their price target on PRGS shares from $63.00 to $66.00, indicating their optimism about the software maker’s future prospects. These analysts have given a strong “outperform” rating to Progress Software, further reinforcing the positive sentiment surrounding the company.
On the other hand, StockNews.com downgraded Progress Software from a “strong-buy” rating to a “buy” rating in one of its recent reports.
This mixed reception highlights differing opinions among market experts regarding Progess Software’s future performance.
Despite this disparity, data from Bloomberg reveals that the company has received a consensus rating of “Moderate Buy” with an average price target of $60.80. While individual analysts may have varying views, it seems that the majority consider Progress Software as an attractive investment opportunity.
Investors and industry watchers will await subsequent disclosures by Yousif Capital Management LLC with curiosity to better understand their strategy for selling off a portion of their holdings in Progress Software Co. Meanwhile, shareholders can be hopeful based on positive quarterly earnings and analyst expectations of continued growth in earnings per share.
As we approach August 2, 2023, investors will eagerly anticipate further updates on Progress Software’s progress within this dynamic and ever-evolving sector.
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Stake Adjustments and Analyst Ratings: Progress Software Co. Sees Fluctuations and Growth Potential in the Market
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”PRGS” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Progress Software Co., a leading software maker, has seen its stakes in the business rise and fall as several large investors made adjustments to their positions. Vanguard Group Inc., for example, increased its stake by 1.7% during the third quarter, with its ownership of Progress Software now worth $212,298,000. This was achieved through the purchase of an additional 84,371 shares.
Similarly, Boston Trust Walden Corp expanded its stake in Progress Software by 2.9% during the first quarter, now owning shares valued at $95,673,000. State Street Corp also boosted its shareholding by 3.0%, bringing its ownership to $68,740,000. Wellington Management Group LLP witnessed its position surge by an impressive 25.4%, with shares worth $58,204,000. Finally, Fuller & Thaler Asset Management Inc.’s stake grew by 2.3%, resulting in the ownership of stocks valued at $57,114,000.
On Wednesday morning, PRGS stock opened at $60.46 despite facing fluctuations over the past year between a low of $40.33 and a high of $61.79. Progress Software boasts a strong financial position with quick and current ratios of 0.87 each and a debt-to-equity ratio of 1.85.
With a market capitalization of approximately $2.62 billion and a PE ratio of 32.86 along with a P/E/G ratio of 8.63 plus a beta factor standing at an impressive 0.92; there is certainly potential for growth within this sector.
Research analysts have weighed in on PRGS shares as well; Oppenheimer raised their price target from $63 to $66 and granted the stock an “outperform” rating while StockNews.com decreased their rating from “strong-buy” to “buy.” According to Bloomberg data analysis and compiled ratings, the consensus rating is “Moderate Buy” with an average price target of $60.80.
Additionally, Progress Software has recently declared a quarterly dividend that will be paid on Friday, September 15th. Investors of record by Friday, September 1st will receive a dividend of $0.175 per share. With an ex-dividend date of Thursday, August 31st, this translates to an annualized dividend payout ratio (DPR) of 38.04% and a yield of 1.16%.
In terms of insider trading actions, Kathryn Kulikoski, an insider at Progress Software Co., sold 1,500 shares in June for an average price of $59.69, totaling $89,535. Following this transaction, Kulikoski now holds 5,216 shares valued at $311,343.04 within the company. EVP Sundar Subramanian also sold 461 shares in May for an average price of $60 per share ($27,660 total), and currently holds 24,828 shares worth $1,489,680.
The Securities & Exchange Commission filing disclosed these sales and showed that over the last three months alone insiders have sold a sum total of 4,317 shares valued at $252,722. Company insiders currently own approximately 3.40% of the overall stock.
These recent developments reinforce the dynamic nature of the stock market with investors constantly adjusting their positions based on performance indicators such as stake growth and price targets set by research analysts. Progress Software continues to attract interest from investors despite uncertainties stemming from global economic conditions and technological advancements; indicating its resilience as it strives to provide cutting-edge software solutions in an ever-evolving industry.
